R Split III : Declares Quarterly Dividends

R Split III Corp.

Press Release

R Split III Corp. Declares Quarterly Dividends

Toronto, November 7, 2016

Attention: Business / Financial Editors

The Board of Directors of R Split III Corp. (the "Company") has today declared a dividend of $0.1445 per Preferred Share and $0.145 per Capital Share, payable on November 30, 2016 to holders of record at the close of business on November 23, 2016.

Holders of Preferred Shares are entitled to receive quarterly fixed cumulative dividends equal to $0.1445 per Preferred Share. The Company's Capital Share dividend policy is to pay a quarterly dividend on the Capital Shares equal to the excess of the dividends received on the Royal Bank Shares minus the Preferred Share dividends and all administrative and operating expenses provided the net asset value per Unit at the time of declaration, after giving effect to the dividend, would be greater than the original issue price of the Preferred Shares.

R Split III Corp. is a mutual fund corporation created to hold a portfolio of common shares of the Royal Bank of Canada. Capital Shares and Preferred Shares of R Split III Corp. are listed for trading on The Toronto Stock Exchange under the symbols RBS and RBS.PR.B respectively.

For more information, please contact:

Investor Relations R Split III Corp. [phone]

E-mail: [e-mail]

Web site: www.scotiamanagedcompanies.com

40 King Street West, 26th Floor, Toronto, Ontario M5W 2X6 Tel: [phone] Fax: [phone]